纯苯、苯乙烯周报：市场情绪回落，纯苯苯乙烯等待变化-20260105

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The commodity market sentiment has weakened, and it is expected that pure benzene and styrene will mainly fluctuate. The supply and demand of styrene both show a bearish trend, the inventory is neutral, the basis is bullish, the profit and valuation are neutral, and the macro - policy is bullish [4]. - Overseas markets for pure benzene and styrene are generally weak. The overseas pure benzene market has light trading, and the styrene market is in a downturn with limited upward momentum in the short term [74][95]. - The downstream demand for styrene is in the off - season, with weak demand and shrinking profits in industries such as ABS, PS, and EPS [52][64][75]. - The domestic pure benzene market has weak demand, high inventory, and narrow price fluctuations. Although there is short - term support from the rebound of energy prices, the overall market sentiment is still suppressed [84]. 3. Summary by Relevant Catalogs 3.1 Main Viewpoints and Strategy Overview - Supply: The spread between styrene and naphtha has narrowed to $272, and the spread between styrene and benzene has dropped to $154. Asian producers are still in a loss - making state, showing a bearish trend [4]. - Demand: As of December 29, 2025, the commercial inventory of pure benzene in Jiangsu ports was 300,000 tons, a month - on - month increase of 9.89% and a year - on - year increase of 56.09%, showing a bearish trend [4]. - Inventory: As of December 29, 2025, the total inventory of styrene in Jiangsu port samples was 138,800 tons, a decrease of 0.36% from the previous period, showing a neutral trend [4]. - Basis: The styrene basis has slightly strengthened, and attention should be paid to the change in cost support, showing a bullish trend [4]. - Profit: The spread between styrene and naphtha has narrowed to $272, and the spread between styrene and benzene has dropped to $154. Styrene profit has slightly recovered, showing a neutral trend [4]. - Valuation: The prices of pure benzene and styrene are at historical lows, and the overseas export demand is driving up the price. The market is paying attention to the strengthening of the basis and monthly spread performance, showing a neutral trend [4]. - Macro - policy: Geopolitical events may have an impact on the market, showing a bullish trend [4]. - Investment Viewpoint: It is expected that the market will mainly fluctuate [4]. - Trading Strategy: For unilateral trading, it is recommended to wait and see, and pay attention to geopolitical risks [4]. 3.2 Overview of Pure Benzene and Styrene Fundamentals - Crude Oil: The gasoline crack spread has shrunk, and there is less cross - regional trade [6]. - Styrene: The profit of non - integrated styrene plants is average [16]. - Pure Benzene: The demand for derivatives has not reversed, and the inventory of pure benzene remains at a high level [38]. 3.3 Polymer Demand Overview - Styrene Downstream - ABS: In the off - season, demand is weak, and profits are shrinking [52]. - Styrene Downstream - PS: The production profit is weak, and demand has entered the off - season [64]. - Styrene Downstream - EPS: Inventory continues to accumulate [75]. - Pure Benzene - Aniline: The output has declined, and the gross profit has rebounded [87]. - Phenol: The port inventory remains at a low level [97]. - Adipic Acid: Information about production profit, capacity utilization, etc. is presented in the relevant data charts [108]. - Caprolactam: The load has declined, and inventory has been depleted [119]. - Household Appliances: There is no obvious increase in demand [128].